A mortgage on which the interest rate, after an initial period, can be changed by the lender. While ARMs in many countries abroad allow rate changes at the lender's discretion ("discretionary ARMs"), in the US most ARMs base rate changes on a pre-selected interest rate index over which the lender has no control. These are "indexed ARMs". There is no discretion associated with rate changes on indexed ARMs.

Fixed rate mortgage (FRM) : A mortgage on which the interest rate and monthly mortgage payment remain unchanged throughout the term of the mortgage

Cash-Out refi : Refinancing for an amount in excess of the balance on the old loan plus settlement costs. The borrower takes "cash-out" of the transaction. This way of raising cash is usually an alternative to taking out a home equity loan. For a discussion of the relative merits of the two approaches.

Jumbo mortgage : A mortgage larger than the maximum eligible for purchase by the two Federal agencies, Fannie Mae and Freddie Mac, $417,000 in 2008. However, in that year, the agencies were given limited authority to purchase jumbos

Low down Mortgage : programs which require a minimal down payment. Most low-down mortgages require a down payment of between 3\% - 5\% of the property value; however, some lenders have programs for 100\% financing (or 0\% down payment). Low-down mortgages are designed primarily for borrowers with a low to moderate income and first-time home buyers. Other borrowers elect to use low-down mortgages in order to use their down payment elsewhere. Low-down mortgages are offered through several sources, including state and local governments, the Federal Housing Administration, the Veterans Administration and individual lenders.

VACATION/2nd mortgage :A loan with a second-priority claim against a property in the event that the borrower defaults. The lender who holds the second mortgage gets paid only after the lender holding the first mortgage is paid. For articles on second mortgages, also known as "home equity loans".

Due to expensive upfront casts and regular related hurdles,smaller businesses do not typically have direct access to the debt and equity markets for financing purposes.Therefore,they must rely on financial institutions to meet their financing needs.Similsr to consumer credit,businesses have a variety of lending products to choose from.A line of credit,term loans and unsecured loans are just a few example.

Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $424,100 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $424,100 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.